Savings Account FAQs & Basics

Checking Accounts vs. Savings Accounts: What's the Difference? Learn the differences between a checking account and a savings account. Compare their features to determine which account may be better for you right now. Lance Cothern Simon Zhen How to Use a Money Market Account to Reach Your Savings Goals For savers who want to bolster their progress toward their financial goals, a... Simon Zhen The Importance of a High Yield Savings Account Amid a Booming Stock Market The U.S. stock market has experienced significant growth in the past year with the... Building Savings vs. Pay Down Debt: Which is Better When You Have Extra Cash Find out whether you should prioritize savings or paying down debt when you have extra cash available to improve your financial situation. Simon Zhen NCUSIF Deposit Insurance: How Your Money in Credit Union is Protected Learn about deposit insurance at credit unions provided by the NCUA and NCUSIF, which act similar to FDIC deposit insurance coverage for banks. Thomas (TJ) Porter Kevin Mercadante Deposit Insurance Fund (DIF): Protecting Deposits in Addition to FDIC Insurance – in Massachusetts You’re probably aware that funds you have on deposit at any bank in America are... Geoff Williams Where to Find the Cash to Build a Last-Minute Emergency Fund Probably for most of your adult life, you’ve heard the urgent advice – save... What is a Sinking Fund? How to Use It as Part of Your Budget Learn about the concept of a sinking fund and how you can use it as part of your budget to avoid taking on debt for planned major expenses. Kevin Mercadante How Much You Should Save Up to Pay for Graduate School Tuition Find out how much you have to save if you want to pay for graduate school tuition, board, and other living expenses without taking on more student loan debt. Rebecca Lake Rebecca Lake How Much to Save Up for a Disney Vacation Heading to Disney might be your idea of a dream vacation but there's a lot of... Valencia Patrice Higuera Average Cost of College Tuition: How Much Do You Have to Save? There’s no denying the cost of getting a college degree. As a parent, maybe you want... Ultra Short-Term Bonds vs. Savings & CDs: Which Offer Better Returns? Learn how ultra short-term bonds compare to savings and certificates of deposit (CDs) based on returns, cost, taxes, and risk of losing your money. Kevin Mercadante How to Prepare Financially and Save for Maternity Leave Find out about how you can prepare financially and save for maternity leave as pregnancy enters the final stages -- preventing you from working for many weeks. Valencia Patrice Higuera Valencia Patrice Higuera How Much to Save for the Perfect Honeymoon Without Going Into Debt Getting married is more expensive than ever. In fact: According to the Wedding... Thomas (TJ) Porter How to Beat the 52-Week Savings Challenge Saving can be difficult for a lot of people. There’s a reason that more than half of... How to Set Up a Savings Account for a Teenager Learn how to set up a savings account for a teenager, who is legally not allowed to open a bank account individually, and ways to help him or her build savings. Valencia Patrice Higuera 529 Plan vs. Coverdell Education Savings Account (ESA): Which Is Better For Future Education Expenses? Learn the differences between 529 college savings plans and Coverdell Education Savings Accounts (ESAs) when it comes to saving for your child's education. Lance Cothern Thomas (TJ) Porter The Best Ways to Use Your Year-End Bonus Check For many companies, giving a year-end bonus is an annual tradition that lets them show... Thomas (TJ) Porter Should You Always Switch Banks in the Best Savings Rates? You're making it a point to maximize your savings by keeping money in the top online... How to Keep a Secret Bank Account Find out what you need to do in order to keep a secret bank account from your spouse, parents, and family members for the sake of financial independence. Aja McClanahan Foreign Bank Accounts: Reporting & Tax Rules That You Have to Worry About If you have (or are thinking about) a foreign bank account, learn about the rules regarding reporting and taxes to ensure that the IRS doesn't come after you. Lance Cothern Thomas (TJ) Porter How Much to Save Up Before Moving Out On Your Own Moving out of your parents’ house is a major step in any young adult’s life. It... Rebecca Lake Are Rewards Savings Accounts Better Than High Yield Savings Accounts? Opening a savings account can put you on the path to reaching your financial goals.... Should You Consider a Safe Box For Your Home? Find out whether you should consider buying a safe for your home to protect your non-monetary items that are of great value, including jewelry and documents. Ben Luthi How to Set Up a Wedding Savings Account Learn how you can create a the right savings account that will help you establish a wedding fund, including what account to pick and how to stay on track. Thomas (TJ) Porter Lance Cothern What Would Be Considered a Financial Emergency? Building an emergency fund can take months or years of diligent saving. When it comes... Kevin Mercadante The Dangers of Keeping Too Much Cash at Home Millions of people keep cash home rather than a savings account. For most, it’s a... Can You Pay Bills Directly from a Savings Account? When your only remaining option for making a bill payment is to use a savings account, find out whether you can do it at a moment's notice. Thomas (TJ) Porter 4 Savings Strategies for People with Low Income If you don't have high income, learn about the different ways that you can still build up your savings to reach your financial goals. Thomas (TJ) Porter